TYPES OF HARD MONEY LOANS FOR BORROWERS
COMMERCIAL HARD MONEY LOANS
Our commercial private equity loans fill the void left by institutional banks for borrowers who have credit or income challenges that are preventing them from obtaining a traditional loan. We look to the equity and income generated from the subject property when determining loan funding.
RESIDENTIAL HARD MONEY LOANS
Our residential hard money loans are designed to assist borrowers obtain real estate financing especially after their home loan applications have been declined by the banks due to credit or income issues. Our loans are flexible on income and credit, and based on property equity.
FIX & FLIP HARD MONEY LOANS
Our hard money loans for flipping houses are designed for real estate investors who want to purchase homes at a discount, make necessary repairs and improvements, and then sell it for a profit. Our loans can provide 100% of the needed capital for all repairs and improvements.
PROBATE HARD MONEY LOANS
Our probate hard money loans are designed for executors and administrators requiring immediate financing and for beneficiaries who need funds prior to the completion of the probation process. We assist attorneys and executors with court-required probate loan documentation.
HARD MONEY LOAN BENEFITS
Hard money loans are funded by private investors and allow for flexible loan approval standards. Loans are available for both owner-occupied and non-owner occupied properties.
Our hard money home and business loans can be:
- Interest-only loans
- Terms up to 5 years
- Stated income-qualifying
- Allowable property deferred maintenance
Our loan programs are a good option for borrowers who need money fast for a business opportunity or are needing to pay off a loan soon coming due or for funds to repair or upgrade a property.
The standard timeframe from loan application to funding is usually between 1-2 weeks.
REAL ESTATE INVESTING
Foreclosure Purchase
The terms of purchase at a foreclosure trustee sale is cash only which often requires more cash into a particular deal than most purchasers want in any particular transaction. We can immediately structure a hard money loan for investors to pull cash back out of the newly purchased property providing additional cash to purchase more investment properties. If the value of the property is more than the purchase price, we may be able to offer you up to 100% purchase financing regardless of any credit or income challenges.
Buy and Hold Strategy
Borrowers can use our hard money loans to make necessary repairs and to make additional improvements to a newly purchased property. Our loans can then roll over into permanent financing for the balance of the term of the loan.
Refinancing of existing property
When cash is needed or an existing loan has come due for payoff, our investment loans can be used by borrowers to pay necessary financial obligations without having to sell the property to pay off obligations.
HARD MONEY LENDING PARAMETERS
| Loan Amount | $30,000 to $1,500,000 |
| Rate | 8 % to 12 % |
| Loan-To-Value | Up to 75% |
| Loan-To-Cost | Up to 80 % including renovation costs |
| Term | 1 to 10 Years |
| Origination Fees | 1 to 2.5 pts, depending on loan duration |
| Closing Time | 7 to 21 days |
| Credit & Income | NO Min FICO Scores |
| Loan Types | 1st or 2nd Trust Deed |
| Type of Loans | Acquisitions, Renovations, Cash Out Refinance, Business & Investment Purpose |
| Type of Properties | Residential, Commercial and light Industrial |
| Lending Area | California |
HARD MONEY LOAN APPLICATION PROCESS
Simple 5 Step Process from Approval to Funding
- Tell us about the property you want to borrow on. We will need information such as the type of property, estimated value and if any loans are currently owed on the property.
- Complete our Short Mortgage Application
- Receive our loan response and/or mortgage approval.
- If the mortgage approval meets your needs we can meet you at your home or at our office to sign all the loan documents.
- Once all required file conditions, such as the appraisal and title report are received by our company we can then set your loan up to close and disburse the loan proceeds to you. Borrowers Hard Money Loans Programs.
With our assistance these steps can usually be completed in as little as one week, if required.
Short and Simple Loan Submission
INITIAL DOCS CHECKLIST
- Loan Application (1003 Application)
- 3 Months Complete Bank Statements
- Photocopy of Valid ID
- LLC/Corp/Trust Docs (if applicable)
- If Purchase – Purchase Contract
- If Refinance – Mortgage Statement
- If Leased – Lease Agreement
- Declaration of Non-Owner Occupancy
- Letter of Experience & Explanation
- Escrow Contact Info
- Insurance Declaration Page
- Special Required Docs
- 1003 Application
- Borrowers Certification and Authorization
- Equal Credit Opportunity Act Disclosure
- Fair Lending Notice
What others say about us…
Very hard working people here. Helped me get a new first to pay off debt. Very helpful and knowledgeable people. Thank you again Westar!
Wanted to sell my property but needed major upgrades. They helped me get the money fast to sell my property. Very grateful.
I would recommend this company to anyone who can’t get a loan from their bank. They helped my brother and me get a 2nd on our rental property. Needed repairs badly. Tenants are happy and so are we.
Needed to pay off my first fast and Westar Lending helped me do that and got me extra money to do some repairs. Thank you!
Needed money to fix up my commercial property and Westar Lending helped me do that . Fast and easy. Thank you so much!
Wanted to purchase a property to add to my portfolio and Westar helped me get it done. Closed the deal fast! Will only deal with Westar Lending.
We couldn’t get a loan at our bank because of our low credit, but Westar Lending Group was there to help us get a new first on our home for our business. Thank you so much for helping us. We would recommend Westar to anyone.
Westar Lending Group is truly an outstanding team with excellent customer service! I would recommend them to anyone looking for a great and positive experience when getting a hard money loan.
EQUAL HOUSING LENDER
Some products may not be available in all states. Restrictions apply. All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval. Approval may be subject to rate increases, satisfactory title and appraisal review, and no change in financial condition.
*Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.
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